i-80 Gold Announces New High-Grade Results from Underground Drilling at Cove Results Include 12.9 g/t Gold over 36.1 m & 13.0 g/t Au over 6.0 m
i-80 Gold Announces New High-Grade Results from
Underground Drilling at Cove
Results Include 12.9 g/t Gold over
36.1 m
& 13.0 g/t Au over
6.0 m
RENO, Nev.
,
May 9, 2023
/CNW/ -
i-80 GOLD CORP.
(TSX: IAU) (NYSE: IAUX)
("i-80",
or the
"Company")
is pleased to announce
positive initial results from underground drilling at the Company's 100%-owned McCoy-Cove Property ("
Cove
" or "
the Property
") located in
Lander County, Nevada
. The ~40,000 metre drill program is primarily designed to provide additional delineation to upgrade resources in the
Helen and CSD Gap Zones in advance of completing an updated resource estimate and a full feasibility study.
Highlight results from initial 2023 drilling at Cove include:
6.6 g/t Au over
6.0 m
(iCHU23-01)
13.2 g/t Au over
3.0 m
And
10.3 g/t Au over
7.8 m
(iCHU23-02)
13.0 g/t Au over
6.0 m
(iCHU23-03)
12.9 g/t Au over
36.1 m
(iCHU23-04)
"Having not drilled the Cove deposit since 2018 as mine permitting was being advanced, many may have forgotten that it is one of the
highest-quality deposits within i-80's portfolio.", stated
Ewan Downie
, CEO of i–80 Gold. "Our early results in the CSD Gap Zone confirm
high-grade mineralization that makes Cove one of the highest-grade development-stage gold deposits in
North America
."
Figure 1 – 3D View of the Cove Deposit and Drill Program (CNW Group/i-80 Gold Corp)
Cove is one of three projects currently being advanced to realize the Company's goal of becoming the second largest gold producer in
Nevada
. In addition to the ongoing underground drill program, that is expected to comprise ~40,000 metres of drilling, the ongoing
exploration and development program will also include hydrological and metallurgical test work in advance of completing a Feasibility Study
following the underground definition drill program.
Table 1 – Highlight Assay Results from Cove Underground Drilling
New 2023 results from McCoy-Cove, estimated true thickness 80-95%
Drillhole ID
Zone
Type
From (m)
To (m)
Length (m)
Au (g/t)
iCHU23-01
CSD Gap
Core
323.4
329.4
6.0
6.6
iCHU23-02
CSD Gap
Core
245.1
248.1
3.0
13.2
and
CSD Gap
Core
267.3
273.6
6.2
5.2
and
CSD Gap
Core
281.4
289.3
7.8
10.3
and
CSD Gap
Core
307.1
308.6
1.5
15.4
and
CSD Gap
Core
326.0
327.2
1.2
26.6
and
CSD Gap
Core
330.3
331.9
1.6
13.5
iCHU23-03
CSD Gap
Core
309.5
315.5
6.0
13.0
iCHU23-04
CSD Gap
Core
295.4
331.5
36.1
12.9
UTM
Drillhole ID
East m
North m
Elevation m
Azimuth
Dip
NAD83 Zone 11
iCHU23-01
482203
4465760
1416
047
-88
iCHU23-02
482175
4465774
1417
190
-86
iCHU23-03
482203
4465760
1416
120
-82
iCHU23-04
482204
4465760
1417
126
-78
The ongoing infill and step-out drill program will aide in the advancement of the Company's plan to develop an underground mine at Cove
utilizing the current ramp with material anticipated to be trucked to the Company's
Lone Tree
facility, once operational, for processing in
addition to
Nevada Gold Mines
pursuant to the processing agreement between the two companies. Following the underground drill
program, i-80 plans to complete an updated mineral resource estimate and a Feasibility Study.
Cove is one of the Company's primary assets and is host to a resource of:
Mineral Resources
2
Tonnage
Au Grade
Ag Grade
Gold
Silver
(kt)
(g/t)
(g/t)
(koz)
(koz)
Indicated
1,007
10.9
29.1
351
943
Inferred
3,867
10.9
20.6
1,353
2,565
Please
click here
for further information on abbreviations and conversions referenced in this press release.
Investor Day Webcast & Conference Call –
May 9
th
at
4:30pm ET
The Company will host a live conference call and webcast on
May 9, 2023
, commencing at 4:30 pm ET, providing the opportunity for
analysts and investors to ask questions of i-80 Gold's executive team.
Conference Call
North American Toll-free:
1-888-664-6383
Local: Toronto:
416-764-8650
Webcast Link
https://app.webinar.net/AyeNd3zbxWk
QAQC Procedures
All samples were submitted to ALS Minerals (ALS) of
Sparks, NV
, which is an ISO 9001 and 17025 certified and accredited laboratory,
independent of the Company. Samples submitted through ALS are run through standard prep methods and analysed using Au-AA23 (ALS)
(Au; 30g fire assay) and ME-ICP61 (35 element suite; 0.4g 4 acid/ICP-AES). ALS also undertakes their own internal coarse and pulp
duplicate analysis to ensure proper sample preparation and equipment calibration. i-80 Gold Corp's QA/QC program includes regular
insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results.
Qualified Person
Tyler Hill
, CPG-12146, Chief Geologist at i-80 is the Qualified Person for the information contained in this press release and is a Qualified
Person within the meaning of National Instrument 43-101.
About i-80 Gold Corp.
i-80 Gold Corp.
is a Nevada-focused, mining company with a goal of achieving mid-tier gold producer status through the development of
multiple deposits within the Company's advanced-stage property portfolio with processing at i-80's centralized milling facilities. i-80 Gold's
common shares are listed on the TSX and the NYSE American under the trading symbol IAU:TSX and IAUX:NYSE. Further information
about i-80 Gold's portfolio of assets and long-term growth strategy is available at
www.i80gold.com
or by email at
.
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable
securities laws, including but not limited to, the expansion or mineral resources at Cove and the potential of the McCoy-Cove Project. Such
statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results,
performance or achievements of the company, its projects, or industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified
by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled",
"forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and
results and speak only as of the date of this release.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future
performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors
could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not
limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the
failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure
of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies,
development or operations.
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For further information:
Ewan Downie - CEO, Matt Gili - President & COO, Matthew Gollat - Executive Vice-President, 1.866.525.6450
CO: i-80 Gold Corp
CNW 12:00e 09-MAY-23